New Delhi: Mahindra Group Chairman Anand Mahindra on Friday was among many who praised Union Finance minister Nirmala Sitharaman after the presentation of her maiden Budget. But the industrialist also exercised a note of caution by saying that the Budget was an “accumulation of seemingly unspectacular moves” that would only nudge the economy onto the proposed trajectory of $5 trillion.
Mahindra said he had earlier expressed hope that Sitharaman would "hit some boundaries".
“She chose instead to take steady singles and keep the run-rate moving. Despite expectations of big moves to instantly crank-up the economy she decided to keep her eye firmly on the long term,” he said.
Instead of lowering GST on all cars,she aligned with the vision for mobility&incentivised only https://t.co/Ca5IhmdsSR fact, the budget is an accumulation of seemingly unspectacular moves that’ll NUDGE the economy onto a trajectory toward $5T & an improved ‘ease of living.’(2/6)— anand mahindra (@anandmahindra) July 5, 2019
Mentioning that the measures for the financial sector could "lubricate the engines of economy", the 64-year-old businessman also welcomed the target for disinvestment.
But the measures for the financial sector are indeed big moves & could lubricate the engines of the economy. The one-time cover for pooled assets is an efficient solution for NBFC liquidity. The target for disinvestment is welcome. Now we need swift implementation...(3/6)— anand mahindra (@anandmahindra) July 5, 2019
“And there is a ‘bi-focal’ bias towards incentives for large-scale, new-age, FDI-funded manufacturing projects on the one hand & start-up entrepreneurs on the other. It’s true that these two sectors have high employment generation potential,” he added.
However, he said a true partnership with the private enterprise could be achieved if the strong messages about respect for wealth-creators were echoed by all branches of the government and if the “faceless” e-assessment was implemented both in letter and spirit.
Mahindra ended the series of tweets by saying that while increased income taxes spooked the markets, the introduction of estate duty would have "been more unnerving".
Increased income taxes spooked the markets.But I think the introduction of estate duty would’ve been more unnerving. Finally, the elephant analogy was most apt. If it no longer tramples on our mounds of rice, private confidence,investment AND the markets will all rebound (6/6)— anand mahindra (@anandmahindra) July 5, 2019
The BSE Sensex plunged 395 points on heavy selling in metal, power, auto and IT counters after the Budget proposal of raising public shareholding threshold stoked fears about liquidity in the market.
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